BANYAN GOLD CORP. (“Banyan”) is pleased to announce the analytical results from the 2016 Hyland Gold Project exploration trench and soil geochemical programs. These results continue to confirm Banyan’s hypothesis the Hyland Gold Project hosts carbonate replacement-style gold and base-metals mineralization, akin to ATAC Resources’ Rau Trend, located further north in the Selwyn Basin.
Trench CZ-16-01 returned 96 metres of 0.64 g/t Au from 0 to 96 metres, including 56 metres of 1.03 g/t Au from 0 to 56 metres. This trench was excavated in the Camp Zone, north of the 2015 diamond drill holes (See Banyan News Release dated September 17, 2015) and was designed to test a previously untested portion of a zone interpreted to host the mineralized north-south trending Quartz Lake Corridor, the >18km long structure that is believed to control gold mineralization on the Hyland Gold Project. Trench CZ-16-01 intersected a broad fault zone consisting of predominantly gouge and brecciated clastic units of the Hyland Formation within the mineralized interval.
“Banyan continues to highlight the mineral potential of the Hyland Gold Project, this year through a new discovery in the rapidly developing Camp Zone”, commented Tara Christie, President and CEO. “The Hyland Gold Project has now shown over 8 kilometres of the Quartz Lake Corridor is proven to host anomalous gold mineralization. Banyan has over 18 kilometres of the Quartz lake Corridor staked and it is management’s belief that the Hyland Gold Project does represent a large, District-Scale mineralized system. We look forward to the upcoming Main Zone drill results.”
This area of the Camp Zone had seen previous, but limited trench sample campaigns in the 1980’s by Archer-Cathro, however these efforts did not produce long continuous gold mineralized results such as this year’s trench CZ-16-01. Management postulates that the excavator utilized for this season’s trench excavations afforded better depth penetration than historic trench efforts, and samples that are more representative have thus been collected and analyzed. Further trenches in the Camp Zone area are highly warranted. In total seven trenches (two in the Camp Zone and five at Montrose Ridge) totaling 660 metres were excavated and sampled with 291 samples collected. Gold grades from these samples ranged from trace to 9.22 g/t Au and averaged 60 ppb Au. The gold mineralization identified in the Camp Zone trenches remains open in all directions. The 2016 trenching was successful in defining geometry and structure at Montrose Ridge and Camp Zones and positions the Company well for the 2017 exploration program.
Much like at the Cuz and Montrose Ridge Zones, this season’s trench sampling established a lack of a silver association with the Camp Zone gold mineralization. This fits with management’s interpretation that these zones represent separate mineralized systems from the Hyland Main Zone gold-silver system, where an approximate 1:4 gold-silver ratio exits. This continues to affirm the concept of repeated, multi-phased gold mineralization events at the Hyland Project is consistent with a District-Scale gold system.
In addition to the trenching program, a three hole, 475 metre diamond drilling program was completed during the program. These 3 holes were drilled centrally, within the Hyland Gold Project’s Main Zone Gold- Silver Deposit and were designed as in-fill holes to confirm the Main Zone Resource* Model with one hole designed to provide material for metallurgical recovery test work. In total, 312 drillcore samples were collected and analyzed as part of this program and results are expected shortly after follow-up overlimits Ag assays are received from the assay lab.
*The Main Zone gold Inferred Resource, at a 0.6 g/t gold equivalent ("AuEq") cutoff, hosts a NI 43-101 compliant Resource of 12,503,994 tonnes containing 361,692 ounces gold at 0.9 g/t and 2,248,948 ounces silver at 5.59 g/t for a combined gold and silver 396,468 ounces gold equivalent.
Coincident with the trench and diamond drilling program at Hyland in 2016, a soils geochemical program focused on expanding the soil coverage around the Montrose Ridge zone was completed. 592 soils samples were collected from these efforts, all of which were analyzed by XRF Instrumentation. The results continue to define strongly anomalous As+Bi trends and correspond well with the soil geochemical data Banyan has previously collected. In 2015, XRF-Chemical analyses of soils samples in the Montrose Ridge zone established a strong correlation with a bismuth-gold relationship (See Company News Release dated Sept 17, 2015). These geochemically anomalous trends are interpreted to represent mineralized structures that can now be followed up with trenches and drill holes. XRF results for Bi ranged from trace to 626 ppm Bi and averaged 10 ppm Bi; As results ranged from trace to 541 ppm As and averaged 21 ppm As.
Sample Collection Methods
All trench samples were collected from excavated trenches by Banyan staff on systematic two (Montrose Ridge) or four (Camp Zone) meter intervals as marked out with spray paint using a 100 meter measuring tape. All trench samples were collected as continuous chip and/or channel samples from exposed lithologies on the walls of the trenches. Trench samples were sealed in polybags at the sample site along with one inserted part of a three-part sample tag. Handheld GPS recorded sample number and location coordinates.
All soil samples were collected by Banyan staff utilizing shovel, hand-held soil sampling auger. Samples were collected at regular intervals from the B or C horizon wherever possible at depths that varied from 10 and 60 cm. Sample forms were filled out at each site containing germane information on all samples collected including GPS coordinates and soil sample descriptions. Samples collected in the field were sealed at the sample point with sample numbers written on the Kraft Sample Bags and one part of a three-part sample tag inserted into Sample bag at sample site.
All exploration trench samples collected from the Hyland 2016 program were analyzed at SGS Canada Inc. of Burnaby, B.C. utilizing the GE-ARM133, 48-element ICP analytical package with GE-FAA515 50-gram Fire Assay with Gravimetric finish for gold on selected samples. All trench samples collected from the Hyland Gold Project in 2016 were bagged and tagged at the trench face, with samples subsequently organized for final shipment at the Company’s Quartz Lake Exploration camp. From there, samples were shipped to SGS Canada Inc.’s Burnaby laboratory where they were sorted and crushed to appropriate particle size (coarse crush) and representatively split to a smaller size (
All Hyland gold 2016 soils samples were analyzed using a portable XRF (Olympus Innov-X Delta Premium XRF) unit. Soil samples were dried and transferred into a thin plastic bag (‘Glad’ Sandwich Bag) and placed into the XRF workstation, and subsequently analyzed under a three beam SOIL setting of 30:30:30.
Maps and visual aids in support of the Hyland 2016 exploration program will be made available at www.banyangold.com
This News Release has been reviewed and approved by Paul D. Gray, P.Geo., a Qualified Person as defined by NI 43-101.
About Banyan Gold
Banyan is a gold exploration and development company whose flagship property, the Hyland Gold Project (“Hyland”), is approximately 70km NE of Watson Lake, Yukon, along the southeast end of the Tintina Gold Belt. The Main Zone gold Inferred Resource, at a 0.6 g/t gold equivalent ("AuEq") cutoff, hosts a NI 43-101 compliant Resource of 12,503,994 tonnes containing 361,692 ounces gold at 0.9 g/t and 2,248,948 ounces silver at 5.59 g/t for a combined gold and silver 396,468 ounces gold equivalent.
Banyan trades on the TSX-Venture Exchange under the symbol “BYN”. For more information please visit the corporate website at www.BanyanGold.com or contact the Company.
ON BEHALF OF THE BANYAN BOARD OF DIRECTORS
(signed) "Tara Christie"
President & CEO
For more information, please contact:
Tel: (888) 629-0444
Email: [email protected]
Tel: (888) 629-0444
Email: [email protected]
CAUTIONARY STATEMENT: The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information, which is not comprised of historical facts. Forward- looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Banyan’s objectives, goals or future plans, statements regarding exploration results, exploration or development plans and the timing of any additional resource estimates. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties inherent to preparing a resource estimate within expected timeline, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in any jurisdiction, and those risks set out in Banyan’s public documents filed on SEDAR. Although Banyan believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Banyan disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Paul D.Gray of Banyan Gold Corp. is a “qualified person” within the meaning of such term as set forth in National Instrument 43-101 of the Canadian Securities Administrators, has verified and supervised the preparation of all of the scientific and technical information contained in this news release.